Thanks will our and good results outlook. financial quarter our and discuss XXXX I Today Tom, reaffirm afternoon, XXXX everyone. full year first
results wholesale continued of which revenue by total to the our XX% to by quarter, its growth financial in XX%. our the driven revenue last first year. meaningful to million, was million increase from of impressive first $XX.X QX first Turning quarter The for increasing compared increased XXXX, $XX.X in channel,
was our details give XX% we compared with of entry primarily will stores. rounds selling and to last during I driven $XX additional our drug revenue in food, Now our QX, as three $XX.X million in and mass on increase Beginning million by The wholesale, increased year. some bag over X,XXX to coffee began sales channels. into QX Walmart
material well than ago. year to ACV RTD innovation a percent Ready-To-Drink incremental XXXX. which a measures saw XX.X% more time first by in FDM. introducing across versus our both was convenience, driven for QX We adding increase and also ACV, of distribution as gas XX,XXX doors doubled This percent in XX.X%, the increase as
direct the last as to by was QX growth Next, of we and our million Direct-To-Consumer to in year. our returning of to mainly high million in XXXX, $XX.X decreased revenue advertising wholesale QX X% channel. spend result $XX.X high decline prioritize This continue digital of compared decreased
QX $X.X in owned to outposts million to increased main million Outposts of The which XXXX. compared last compared in XX% from year. our to increase was XX $X.X revenue QX, count, company XXXX Next, increased X QX an as driver to in store
one opened stores. company we QX, bringing our of XX franchise mentioned, Tom with in store outposts Texas, As Waco, total to XX owned and XX number during
to costs. a result new to and adding co-manufacturing capacity points XXX XX.X% coffee of also was the basis decreasing Turning driven XX%, approximately QX cost increases increase of profitability, RTD inventory QX increased transportation at raw our The materials, in margin led locations. which by raw was capacity in increased as last and higher gross of in carrying year. The decrease and from materials
impacting startup of RTD margins XXX by innovation co-manufacturers basis Additionally, million points. the and in new we incurred products to related gross expenses $X.X
fronts action been inflation the experiencing. We have we combat multiple have taken to across
as February middle actions as will addition, pricing Because DTC additional actions QX, our XXXX. the through of the we these of impact place RTD mentioned, across P&L channel. remainder as of flow full took well In took our Tom around our pricing the throughout these in actions portfolio
also in a take of number slated related place have logistics year. back the efficiencies of half We to the
year. expect throughout As a margins improve the to our sequentially continue result, we to
base. our drive walk across as to marketing by decreases I and our to sales, expenses Turning XX.X% XXX the advertising. leverage basis our with operating we begun percentage have will last as to to as expense these drivers of operating during compared of through operating decreased year, significant beginning QX expenses points
For quarter from XXXX. XX.X% the million expenses marketing in quarter the decreased XXXX, first of million to $X.X of $X.X first
our sales, points decreased basis year. returning of percentage compared by marketing XXX lower in the advertising The strategic was X.X% driven expense a reductions last to in platforms. by decrease same to As quarter
anticipating. and wholesale our is have driving on that focus channel the our spend with we addition, marketing been In advertising our leverage efficiency and
XX.X% our XXXX. million Next, $XX salaries, benefits of quarter in from wages increased $XX.X million the first to and
was to by the Importantly, beginning we dollars well basis decreased to increase severance increase leverage operating last XX in in due headcount growth, year-over-year to significant headcount across in XX.X% of points as company QX a again expenses. percentage our a as in in employee as of to are support $XXX,XXX as it to in The revenue our to XX.X% QX. related in reductions revenue, see year, compared
to Moving million, $XX.X to the G&A compared on, of million XXXX. our increased in XX.X% quarter $XX.X expenses first
This of As a percentage channels of compared of and last sales revenue, lines. G&A decreased by as XXX basis to was to IT points to year. services revenue as the existing professional incremental new driven support XX.X% dollars well product spending expansion in increase by and XX.X% infrastructure
leverage As in our in marketing expense salaries with achieved wages, G&A our significant our and the and we quarter.
the to internally is we profitability addition discussed, I've EBITDA use In GAAP that measure adjusted to measures our an business. manage important
a was versus offset operating of revenue was our gross ago. million toward progress $X.X a profitability This of For driven EBITDA the and growth loss by XXXX, partially adjusted quarter loss expense lower million leverage, of year first margins. a by $X.X
XXXX. briefly quarter through the I'll QX $XX.X Now cash compared balance $XX ended million our for walk the December first as We million of sheet XX. balance of sheet with on of to
We of had million as debt, to XX. $XX.X compared also December million of $XX.X
new which of build, RTD. quarters is our two built and Also, of Tom our XXX last the we the recall in store summer intentional over Promo. support as including We RTD currently innovation. the inventory past RTD load- will mentioned, mostly that days we an product product, C inventory quarter launching expansion discussed You an are cycle to
and have we're margin, to the well our allow customer positioned will we production gross QX on adjust some to drive as it the and to expect to At for levels, we trial based further believe promo we door address inventory impact negative of the sell-through needed market schedules on share. us taking now growth. RTD have and demand need continue year flexibility our remainder our the While current
flow the to significantly. convert As operating expect inventory see improve cash RTD cash our we our we coming into over quarters,
mentioned, generating financial adjusted QX committed reaffirming Tom remain call. XXXX, from outlook our prior are as we EBITDA our and we in to Finally, positive
is of As positive EBITDA a XX.X%, XX% $XXX to to million targets and of to revenue reminder, million, that million. of full gross $X year $XXX $XX outlook margin adjusted million
I turn that, questions. the will operator With to for call over the
